Global Chatbot Market Size & Share to Surpass $27.6 Billion by 2030 | Vantage Market Research
WASHINGTON, Nov. 01, 2023 (GLOBE NEWSWIRE) -- According to Vantage Market Research, the Global Chatbot Market is estimated to be valued at USD 27.6 Billion by 2030 at an exponential growth of 23.5% in the next seven years.
The continuous advancements in artificial intelligence and machine learning technologies are anticipated to enhance the capabilities of Chatbots, leading to an increased demand for them in the market.
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A Chatbot, an application developed using artificial intelligence and specific rules, facilitates human interaction through text-based conversations and is integrated with numerous messaging platforms. There has been a remarkable increase in the Chatbot market in recent years. The demand for round-the-clock customer service and cost-saving measures through Chatbot employment have contributed to this rise. The growing popularity of messaging apps compared to social networking sites has also played a role in the increased demand for Chatbots.
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Factors Affecting the Growth of the Chatbot Industry
Several factors impact the development of the Chatbot Market. Some of these factors include:
Businesses use Chatbots to meet customer preferences for self-service and improve customer satisfaction, like Bank of America's Chatbot "Erica," which assists with financial management.
NLP advancements have enhanced Chatbot capabilities, resulting in more accurate interactions and increased usefulness in various industries, such as Apple's Siri utilizing NLP for effective user query processing.
The rise of messaging platforms has led to the use of Chatbots by businesses like Sephora to offer personalized customer experiences.
Chatbots enhance cost and operational efficiency by reducing the demand for human customer support agents, enabling simultaneous conversations, and driving sales in e-commerce.
The integration of Chatbots into various business processes results from the growing trend of AI and automation, with Chatbots leveraging AI and machine learning algorithms to continuously improve their understanding and responses, exemplified by IBM's Watson Assistant in industries like healthcare and finance.
Key Highlights
By Offering, the Solution segment is accounted to mention the largest market share in 2022,
By Type, Standalone segment is ruled by the market in 2022,
By Medium, the Mobile Applications segment said the potential growth of the market in 2022,
By Business Function, Sales & Marketing segment accounted for the substantial growth of the market in 2022,
By Application, the Customer Services segment expressed the potential growth of the market in 2022,
By Vertical, Retail & E-Commerce segment commanded the market in 2022,
The market was ruled by North America in 2022, with a revenue share of 32.5%,
The Asia Pacific region is expected to witness maximum market growth during the forecast period.
Prominent Players in The Global Chatbot Market Report Scope
[24]7.ai Inc. (U.S.)
Acuvate Software (UK)
Aivo (U.S.)
Artificial Solutions (Sweden)
Botsify Inc. (U.S.)
Creative Virtual Ltd. (UK)
eGain Corporation (U.S.)
IBM Corporation (U.S.)
Inbenta Technologies Inc. (U.S.)
Next IT Corp. (U.S.)
Nuance Communications Inc. (U.S.)
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Key Trends
Artificial intelligence is powering Chatbots to understand and interpret complex human language. Chatbots like Google Assistant and Amazon Alexa leverage AI algorithms to assist users with setting reminders, answering queries, and controlling smart home devices.
Many companies use Chatbots as virtual assistants to interact with customers and provide real-time support. For example, Sephora, a cosmetic brand, developed a Chatbot on Facebook Messenger that assists customers in finding and purchasing products and includes beauty tips and tutorials.
The healthcare industry is adopting Chatbots to provide personalized medical assistance and patient support. For example, Buoy Health developed a Chatbot that uses AI algorithms to analyze symptoms and give users suggested medical diagnoses and recommendations for seeking appropriate care.
Key Strategies in the Chatbot Market
Companies employ several key strategies in the Chatbot market to gain a competitive advantage and achieve success. These strategies include:
Companies improve NLP capabilities to enhance user query understanding, allowing Chatbots to interpret intent and deliver relevant responses accurately.
By offering multi-channel support, Chatbots improve user experience and customer satisfaction by engaging with users on various platforms.
Companies improve Chatbot performance by analyzing user interactions and feedback to effectively enhance responses and address pain points.
Companies collaborate with developers and partners to enhance Chatbot solutions through their expertise in development and optimization, accelerating development and addressing specific industry needs.
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Recent Development of the Global Chatbot Market
In April 2023, OpenAI, a well-known AI research institute in America, and Zendesk collaborated. The company would give its customers access to AI-supported solutions that would make it easier for CX and customer support staff to generate tickets. Together, Zendesk and OpenAI are merging Zendesk's proprietary foundation models with OpenAI's to enhance their capabilities.
In January 2023, Kore.ai announced that it will debut the product at the National Federation of Retailers exhibition (NRF 2023) in New York City. With its expertise in self-service automation, customization, omnichannel fulfillment, and round-the-clock pre-sale and post-sale support, RetailAssist assists retail and e-commerce enterprises in modernizing, scaling, and transforming their operations.
Chatbot Market Segmentation
By Offering
Solution
Services
By Type
Standalone
Web-based
Messenger-based/Third Party
By Medium
Contact Centers
Websites
Social Media
Mobile Applications
By Business Function
IT Services
HR Services
Sales & Marketing
Finance
By Application
Customer Services
Branding & Advertising
Personal Assistance
Data Privacy & Compliance
Payment Processing
Other Applications
By Vertical
Healthcare
Retail & E-commerce
BFSI
Media & Entertainment
Travel & Tourism
Transportation & Logistics
Other Verticals
By Region
North America
Europe
Asia Pacific
Latin America
Middle East & Africa
Browse market data Tables and Figures spread through 250 Pages and in-depth TOC on Chatbot Market Forecast Report (2023-2030).
Highlights from Segments
Offering Analysis
The solution segment accounted for the most significant market growth in 2022 owing to the large-scale adoption of in-house Chatbot technologies.
Companies are now able to use advanced AI and NLP technologies to integrate intelligent assistants, improve services, and connect tasks with other platforms.
For instance, AWS introduced Amazon Lex Chatbot integration in Amazon Connect in January 2020, available in the Asia Pacific AWS (Sydney) region.
Type Analysis
Standalone accounted to have the potential market growth in 2022. In recent years, a lot of users primarily rely on standalone messaging platforms for visual assistant apps like Apple's Siri, Google Assistant, and Amazon's Alexa. As a result, there is a growing demand for standalone Chatbots.
Numerous businesses opt for Chatbots on messaging platforms and customer service bots for online services to enhance customer engagement.
Medium Analysis
The Mobile Applications segment accounted for the most significant market growth in 2022. Using social media Chatbots is advantageous for businesses and provides time-saving benefits for consumers. These Chatbots are essential tools to assist customers 24/7, irrespective of business operating hours.
Social media Chatbots leverage artificial intelligence (AI) capabilities to interpret language and interact with users. They are commonly integrated into messaging platforms such as Facebook, Skype, Slack, and other social media networking sites.
Business Function Analysis
Sales & Marketing accounted to have the potential market growth in 2022. The Chatbot can customize customer conversations by considering their preferences, purchase history, and additional data. This enhances customer engagement, fosters trust, and boosts sales conversion rates.
Chatbots can be accessible round-the-clock to address customer queries and help beyond regular business hours. Higher levels of client loyalty and satisfaction result from this.
Application Analysis
Customer Services segment accounted for the most significant market growth in 2022. Many businesses are automating their repetitive and tedious tasks using service and process automation to cut costs.
The primary areas of focus for automation are sales and customer services, which can significantly reduce expenses by implementing Chatbots. Chatbots equipped with artificial intelligence are especially becoming increasingly popular.
Vertical Analysis
Retail and e-commerce accounted to have the potential market growth in 2022. Chatbots are utilized in multiple industries, including healthcare, retail, BFSI, media & entertainment, travel & tourism, e-commerce, and more.
In 2022, the BFSI industry earned the highest revenue and held the largest market share. The advantages of Chatbots, such as remote connectivity and virtual presence, lead to their increasing popularity in various sectors, resulting in reduced transportation costs.
The travel & tourism industry is forecasted to experience the highest growth in the coming period.
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Scope of the Report:
Report Attributes | Details |
Market Size in 2022 | USD 5.1 Billion |
Revenue Forecast by 2030 | USD 27.6 Billion |
CAGR | 23.5% from 2023 to 2030 |
Base Year | 2022 |
Forecast Year | 2023 to 2030 |
Key Players | [24]7.ai Inc., Acuvate Software, Aivo, Artificial Solutions, Botsify Inc., Creative Virtual Ltd., eGain Corporation, IBM Corporation, Inbenta Technologies Inc., Next IT Corp., Nuance Communications Inc. |
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Regional Analysis
North America led the Chatbot market growth in 2022. This growth is driven by the increasing presence of Chatbots on various platforms such as mobile and web.
The future demand for Chatbots in North America is also expected to be fueled by the greater use of Chatbot technologies for enhanced customer engagement and improved customer service.
Due to the rising acceptance of mobile applications and the thriving number of start-up sellers in the US, there is a predicted substantial growth in the market.
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